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Leases | 6 Months Ended
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Jun. 29, 2020
Leases [Abstract] |
Leases | (3) Leases The Company leases some of its manufacturing and assembly plants, sales offices and equipment under non-cancellable operating leases that expire at various dates through 2049. The majority of the Company’s lease arrangements are comprised of fixed payments and certain leases consist of variable payments based on equipment usage. These variable payments are not included in the measurement of the right-of-use (ROU) asset or lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. Certain leases contain renewal provisions at the Company’s option. Most of the leases require the Company to pay for certain other costs such as property taxes and maintenance. Certain leases also contain rent escalation clauses (step rents) that require additional rental amounts in the later years of the term. Rent expense for leases with step rents is recognized on a straight-line basis over the minimum lease term. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows:
|  | Quarter Ended |  |  | Two Quarters Ended |
|  | June 29, 2020 |  |  | July 1, 2019 |  |  | June 29, 2020 |  |  | July 1, 2019 |
|  | (In thousands) |
Operating lease cost |  | $ | 2,227 |  |  | $ | 2,132 |  |  | $ | 4,708 |  |  | $ | 4,164 |
Variable lease cost |  |  | 137 |  |  |  | 102 |  |  |  | 243 |  |  |  | 261 |
Short-term lease cost |  |  | 169 |  |  |  | 144 |  |  |  | 398 |  |  |  | 185 |
Supplemental cash flow information related to leases was as follows:
|  | Two Quarters Ended |
|  | June 29, 2020 |  |  | July 1, 2019 |
|  | (In thousands) |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 4,342 |  |  | $ | 4,164 |
Right-of-use assets obtained in exchange for new lease obligations: |  |  |  |  |  |  |  |
Operating leases |  |  | 3,205 |  |  |  | 12,896 |
Supplemental balance sheet information related to leases was as follows:
|  | As of |
|  | June 29, 2020 |  |  | December 30, 2019 |
|  | (In thousands) |
Operating lease right-of-use assets |  | $ | 21,993 |  |  | $ | 22,173 |
Other current liabilities |  |  | 7,641 |  |  |  | 7,111 |
Operating lease liabilities |  |  | 15,015 |  |  |  | 15,413 |
Total operating lease liabilities |  | $ | 22,656 |  |  | $ | 22,524 |
|  | As of |
|  | June 29, 2020 |  |  | December 30, 2019 |
Weighted average remaining lease term |  | 4.1 years |  |  | 4.4 years |
Weighted average discount rate |  |  | 3.76 | % |  |  | 3.92 | %
Maturities of operating lease liabilities were as follows (1):
|  | (In thousands) |
Less than one year |  | $ | 8,339 |
1 - 2 years |  |  | 6,111 |
2 - 3 years |  |  | 3,413 |
3 - 4 years |  |  | 2,540 |
4 - 5 years |  |  | 1,725 |
Thereafter |  |  | 2,415 |
Total lease payments |  |  | 24,543 |
Less imputed interest |  |  | (1,887 | )
Total |  | $ | 22,656 |
| (1) | Excludes $851 of legally binding minimum lease payments for leases signed but not yet commenced.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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